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Chart courtesy of StockCharts.com
- $SPY remains bullish over all moving averages and within striking distance of all time highs.
- $SPY traded in $2 trading range last week with $266.69 as support and all time high resistance at $268.60.
- The 10 day SMA has provided end of the day support since November 16th. This is a sign of a very strong uptrend.
- Trading volume remained steady in the new higher price range.
- The average trading range has been steady in December with a tight trading range.
- The MACD remains under a bullish crossover.
- The RSI remains at 70.95 showing a parabolic uptrend continuing.
- $VIX remains low at 9.90 and was also range bound last week.
- The majority of SPYDER sector ETFs are near all time highs with the energy sector leading the market higher with $XLE having an explosive move higher after breaking out.
- Trend followers and buy and hold investors continue to be rewarded with there long positions.